Treasurer's Report

The Association’s operating budget for 2017 ended right about on target for the year.  As retired Treasurer Larry Kindsvater explained at the November annual meeting, while most major expense items remained on budget for the year, attorneys’ fees, insurance costs, and miscellaneous administrative expenses (relatively smaller items) were over-budget.  These expenses were more than offset by significantly less spending on snow removal ($2,070) than was budgeted ($13,000).  Sometimes, it’s the other way around.

As for our Capital Reserve and capital spending, we are in good shape.   Our Capital Reserve as of 12/31/2017 stands at $158,000 - on target to meet recommendations from the most recent Reserve Study completed in 2015.  In 2018 we will add approximately $30,000 to that total.  Our Operational Reserves as of the same date are $25,000 (and are used to offset any deficit when snow removal (and other) costs exceed the budgeted amount.  Our Retained Earnings/Unrestricted Equity balance is $17,390.